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US overall GDP increased to $27T after comprehensive update of US economic accounts


Jun 19, 2014
United States
United States
Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the second quarter of 2023 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 2.2 percent (revised).

Current dollar GDP increased 3.8 percent at an annual rate, or $249.4 billion, in the second quarter to a level of $27.06 trillion, a downward revision in change of $19.4 billion (tables 1 and 3).

Comprehensive Update of the National Economic Accounts​

Today’s release presents results from the comprehensive update of the National Economic Accounts (NEAs), which include the National Income and Product Accounts (NIPAs) and the Industry Economic Accounts (IEAs). The update includes revised statistics for GDP, GDP by industry, GDI, and their major components. Current-dollar measures of GDP and related components are revised from the first quarter of 2013 through the first quarter of 2023. GDI and selected income components are revised from the first quarter of 1979 through the first quarter of 2023.

US GDP may even reach near $28T for 2023
In this case, it could happen that the US GDP reaches $30 trillion as early as 2024, which is considerably faster than expected. If things continue this way, the economy could be around $45 trillion by 2033, which is $5 trillion more than current projections. It appears that the US will remain in the lead for a long time. By 2050, the economy will likely be in the range of $65-70 trillion. Adding the fact that the US could have 500 million people by then, we can conclude that China has no real prospects of seriously challenging the US at any point.

Not to mention the fact that China will never be on par with the United States in terms of soft power! China can never produce anything similar to the following clip...
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